last year, i bet on the qs. the year before i bet on the qs. i hear the case about slowing earnings, but the stocks have already slowed down. apple is 200 points below its high. if you start to look at them statistically, the price earnings ratios on big cap stocks are less than the s&p 500. the future, the future growth, secular growth of this industry has got to be twice that of the s&p, yet it's got a p/e ratio that's 3 percentage points less. 3 multiple points. the other factor i like about it is, this is the reason employment growth hasn't been strong. substitution of labor for capital, clearly, we've seen productivity rise because of what's going on in technology. the world still has to be wired, without any question whatsoever. and i get back to this valuation issue again, if you look at free cash flow, enterprise value versus free cash flow, the top five stocks in the big tech index are selling at half of the multiple that they were five and ten years ago. my god, this is an industry that's gone bananas on one side of the earnings and y